Devon Energy (NYSE:DVN) Price Target Cut to $46.00 by Analysts at Citigroup

Devon Energy (NYSE:DVN) had its price objective decreased by analysts at Citigroup from $48.00 to $46.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the energy company’s stock. Citigroup’s target price suggests a potential upside of 30.13% from the stock’s previous close.

DVN has been the topic of several other research reports. Mizuho reduced their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Barclays boosted their price target on shares of Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Piper Sandler boosted their price target on shares of Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Finally, Wells Fargo & Company lowered their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.46.

Devon Energy Price Performance

Devon Energy stock opened at $35.35 on Monday. Devon Energy has a 1 year low of $30.39 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company’s fifty day moving average price is $35.42 and its 200 day moving average price is $37.14. The stock has a market capitalization of $22.94 billion, a P/E ratio of 7.75, a P/E/G ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. As a group, equities research analysts anticipate that Devon Energy will post 4.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Devon Energy

Several large investors have recently modified their holdings of DVN. Hurley Capital LLC purchased a new position in Devon Energy in the fourth quarter worth $26,000. Accredited Wealth Management LLC acquired a new stake in shares of Devon Energy during the fourth quarter valued at $28,000. Cromwell Holdings LLC boosted its stake in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after acquiring an additional 598 shares during the last quarter. Sierra Ocean LLC acquired a new stake in Devon Energy in the 4th quarter worth about $43,000. Finally, True Wealth Design LLC boosted its stake in Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after buying an additional 1,089 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.